You might be surprised to learn that the tiny Himalayan nation of Bhutan is sitting on a massive Bitcoin fortune. According to crypto sleuths at Arkham, the Bhutanese government holds over $780 million worth of Bitcoin, making it a major player in the crypto world.
Bitcoin Mining Boom
But how did Bhutan get so much Bitcoin? Unlike many governments who seize Bitcoin from criminals, Bhutan’s stash comes from mining. The country’s royal investment arm, Druk Holdings, has been busy mining Bitcoin since early 2023, racking up a whopping 13,036 Bitcoin.
Bhutan vs. El Salvador
This makes Bhutan’s Bitcoin holdings more than double that of El Salvador, which famously adopted Bitcoin as legal tender. El Salvador currently holds around 5,876 Bitcoin, worth about $353.7 million.
Bhutan’s Interest in Digital Assets
Bhutan’s interest in digital assets goes beyond Bitcoin. Back in 2021, the Royal Monastery Authority (RMA) teamed up with Ripple to explore the potential of a central bank digital currency (CBDC). They were particularly interested in using a CBDC to make cross-border payments easier.
Ethereum Holdings
Bhutan isn’t just a Bitcoin fan. Arkham also reports that the government owns 656.013 Ethereum (ETH), currently worth around $1.53 million.
A Big Bet on Crypto
Bhutan’s massive Bitcoin holdings show that the country is taking a big bet on crypto. It remains to be seen how this will play out in the long run, but one thing is clear: Bhutan is a serious player in the digital asset space.
